Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors

By Alexander P. Ljungqvist, Felicia C. Marston, Laura T. Starks, Kelsey D. Wei, Hongjun Yan. 2007

372 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/0737f2539500f2792bc482d1ea58f5fb43accd5f

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Citations in the corpus

Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment (2018, neutral): “, Clement (1999), Jacob, Lys, and Neale (1999), Clement, Reese, and Swanson (2003), Frankel, Kothari, and Weber (2006), Ljungqvist et al. (2007), Du, Yu, and Yu (2013), Bradley, Gokkaya, and Liu (2016), and Jiang, Kumar, and Law (2016)).”
The Informational Role of Bond Analysts (2009, positive): “Consistent with this idea, Ljungqvist et al. (2007) show the positive skewness of equity analyst recommendations is decreasing in institutional investor holdings.”
The Effect of Disclosures by Management, Analysts, and Business Press on Cost of Capital, Return Volatility, and Analyst Forecasts: A Study Using Content Analysis (2009, background): “6 See Lin and McNichols (1998), Michaely and Womack (1999), Dechow et al. (2000), Bradshaw et al. (2003), O’Brien et al. (2005), Kolasinski and Kothari (2008), Clarke et al. (2007), and Ljungqvist et al. (2007).”
Do Security Analysts Speak in Two Tongues (2009, methodology): “To calculate reputational capital, measured as a bank’s share in the underwriting market, we follow Ljungqvist, Marston, and Wilhelm (2006) and Ljungqvist et al. (2007) in applying the Megginson and Weiss (1991) measure of underwriter quality (the bank’s share of the IPO market) to a broader set of ”
Is Default Risk Negatively Related to Stock Returns (2010, background): “analysts’ forecasts from the consensus estimates. We follow Ljungqvist et al. (2007) and”
Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers (2018, positive): “We also include the size of the brokerage, Brokerage size, measured as the logarithm of the number of analysts employed by the relevant analyst’s brokerage in the year, as Ljungqvist et al. (2007) suggest that larger brokerages are likely to exert greater pressure on their analysts to issue optimist”
Political contributions and analyst behavior (2015, positive): “This test is motivated by the previous literature, which shows that analysts with higher caliber are more likely to be voted to the Institutional Investor All-America Research Team (Stickel 1992; Ljungqvist et al. 2007) by institutional investors.”
Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices (2014, background): “6 Mikhail et al. (2007) and Busse et al.”
Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports: Does the Scope of the Sell-Side Analyst Industry Matter? (2017, neutral): “Analysts compete at the industry level for II rankings and industry prestige (Stickel (1992), Hong and Kubik (2003), Ljungqvist et al. (2007), Groysberg, Healy, and Maber (2011)).”